Globalization of Regionalism: Challenges and Risks for Russia

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V. Obolenskii, Institute of Economics RAS, 32, Nakhimovskii Prosp., Moscow, 117218, Russian Federation; Institute of World Economy and International Relations, Russian Academy of Sciences (IMEMO), 23, Profsoyuznaya Str., Moscow, 117997, Russian Federation (vobolenskiy@mail.ru)



Abstract

TЕhe article deals with the intensive development of the process of regionalization of the world trade and analyzes grounds for this process. It traces the evolution of regional trade agreements which account for the constant growth of mutual deliveries. The author pays attention to the transformation of regionalism which acquires step by step transcontinental character. The article states that the regional integration apart from the positive influence on trade and investment flow also has negative effects, namely erosion of the regime of most-favored-nation treatment and threats of the beginning of chaos in the international trade and investment exchange. The author studies projects of the creation of global superblocks of the integration type – Transatlantic, Eastern Asiatic, Asiatic -Pacific. In author’s opinion, their emergence will lead to radical changes of the institutional configuration of the world economic space which will turn into a two-level structure. On the first level rules of the multilateral trade system (WTO) will be applied. On the second level principles and regulations fixed by global multilateral trade and economic agreements with participation of all leaders of the international trade will act. The author concludes that Russia has to choose optimal direction of its participation in the global economic. Correspondingly, attention is paid to the problems and risks inherent in its connection with transcontinental trade and economic agreements which are objects of multilateral negotiations at the present time. In particular, the author states that in case of establishment of “mild” forms of integration in the Asiatic -Pacific or European directions Russia will have to open – completely or to a great extent – its domestic market for goods from the countries of the regions mentioned. The losses caused by such a disclosure might outweigh the benefits from liberalization of the access to the markets of partner countries.


Keywords

Russia, globalization, regionalism, global superblocks, risks


Registered in system SCIENCE INDEX

For citation:
Obolenskiy V. Globalization of Regionalism: Challenges and Risks for Russia. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2015, No 9, pp. 5-13



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